1899 48° Krone / Adler Overprints
The first stamps produced especially for the German colony in Karolinen were overprinted versions of German Krone / Adler issues.
This series was first available for use on 12 October 1899.
In May 1900, a second set of overprints was introduced bearing the same “Karolinen” overprint, but at a steeper angle (56°). The 48° Overprints are much rarer, and are valued as such.
The 3 Pf and 25 Pf can be found with plate flaws on the underlying stamps.

MiNr. 1 I Plate Flaw I — broken scroll (right)

MiNr. 5 I Plate Flaw II — break in ‘I’ (right)

MiNr. 5 I Plate Flaw IV — dot next to lower left scroll (right)
These stamps were printed in 10×10 sheets, with two sheets per printing pane, arranged vertically. As a result, gutter pairs (in German, Zwischtenstegpaare) exist containg stamps from the bottom row of the top sheet and the top row of the bottom sheet.
1899 48° Krone / Adler Overprints
The first stamps produced especially for the German colony in Karolinen were overprinted versions of German Krone / Adler issues.
This series was first available for use on 12 October 1899.
In May 1900, a second set of overprints was introduced bearing the same “Karolinen” overprint, but at a steeper angle (56°). The 48° Overprints are much rarer, and are valued as such.
The 3 Pf and 25 Pf can be found with plate flaws on the underlying stamps.

MiNr. 1 I Plate Flaw I — broken scroll (right)

MiNr. 5 I Plate Flaw II — break in ‘I’ (right)

MiNr. 5 I Plate Flaw IV — dot next to lower left scroll (right)
These stamps were printed in 10×10 sheets, with two sheets per printing pane, arranged vertically. As a result, gutter pairs (in German, Zwischtenstegpaare) exist containg stamps from the bottom row of the top sheet and the top row of the bottom sheet.